WASHINGTON (AP) The United States and China have signed off on a trade deal that eases tensions between the world’s two biggest economies, offers big export opportunities for U.S. farms and factories and promises to do more to protect American trade secrets.
Still, the agreement leaves unresolved major differences. China is still relying on massive government intervention to turn it into a technological power.
The deals comes as President Donald Trump wants to show progress on an issue that he's made a hallmark of his presidency.
Wednesday's signing ceremony him the chance to do that just hours before the House voted to send articles of impeachment to the Senate for a trial.
“Texas farmers and ranchers are encouraged by today’s signing of a Phase One trade agreement between the United States and China,” Texas Farm Bureau President Russell Boening said.
“The agreement with China includes substantial purchases of U.S. agricultural products annually over the next few years. This is significant. The record for U.S. agricultural exports to China was $26 billion in 2012,” he said.
“China was our second-largest market not long ago. Bringing China back as a sizable market for U.S. agriculture is critical to the economic sustainability of America’s farmers and ranchers,” he said.